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SPY ETF Hits Record High Amid Tech Rally and Fed Rate Cut Speculation
SPY ETF Hits Record High Amid Tech Rally and Fed Rate Cut Speculation
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BTCCSquare news:
The SPDR S&P 500 ETF Trust (SPY) surged 1.18% to a historic peak of $685.54, fueled by robust performances in tech giants like Nvidia, Microsoft, Apple, and Qualcomm—the latter jumping 11% after announcing its entry into the AI accelerator market. Sector-wise, Technology, Communication Services, and Consumer Discretionary led gains, while Materials and Staples lagged.
Market Optimism was further buoyed by a softer-than-expected CPI report, stoking expectations of Federal Reserve rate cuts. Historical seasonal trends also played a role, with institutional investors deploying year-end cash reserves. All eyes now turn to the Fed's October 29 decision and lingering U.S. government shutdown risks.
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